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Derivative Financial Instruments (Tables)
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6 Months Ended |
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Jun. 28, 2014
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| Derivative Financial Instruments (Tables) [Abstract] |
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| Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] |
Total gross notional amounts for outstanding derivatives (recorded at fair value) at the end of each period were as follows:
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(In Millions) |
|
Jun 28,
2014 |
|
Dec 28,
2013 |
|
Jun 29,
2013 |
Currency forwards |
|
$ |
12,212 |
|
|
$ |
13,404 |
|
|
$ |
12,105 |
|
Currency interest rate swaps |
|
4,908 |
|
|
4,377 |
|
|
3,632 |
|
Embedded debt derivatives |
|
3,600 |
|
|
3,600 |
|
|
3,600 |
|
Interest rate swaps |
|
1,318 |
|
|
1,377 |
|
|
1,257 |
|
Total return swaps |
|
1,040 |
|
|
914 |
|
|
817 |
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Other |
|
61 |
|
|
67 |
|
|
77 |
|
Total |
|
$ |
23,139 |
|
|
$ |
23,739 |
|
|
$ |
21,488 |
|
The gross notional amounts for currency forwards and currency interest rate swaps (presented by currency) at the end of each period were as follows:
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(In Millions) |
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Jun 28,
2014 |
|
Dec 28,
2013 |
|
Jun 29,
2013 |
British pound sterling |
|
$ |
505 |
|
|
$ |
549 |
|
|
$ |
428 |
|
Chinese yuan |
|
1,498 |
|
|
1,116 |
|
|
547 |
|
Euro |
|
5,942 |
|
|
6,874 |
|
|
6,291 |
|
Israeli shekel |
|
1,995 |
|
|
2,244 |
|
|
1,886 |
|
Japanese yen |
|
3,188 |
|
|
4,116 |
|
|
3,771 |
|
Malaysian ringgit |
|
844 |
|
|
506 |
|
|
422 |
|
Swiss franc |
|
1,460 |
|
|
1,189 |
|
|
1,206 |
|
Other |
|
1,688 |
|
|
1,187 |
|
|
1,186 |
|
Total |
|
$ |
17,120 |
|
|
$ |
17,781 |
|
|
$ |
15,737 |
|
|
| Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] |
The fair value of our derivative instruments at the end of each period were as follows:
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June 28, 2014 |
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December 28, 2013 |
(In Millions) |
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Other
Current
Assets
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Other
Long-Term
Assets
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Other
Accrued
Liabilities
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Other
Long-Term
Liabilities
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Other
Current
Assets
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Other
Long-Term
Assets
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Other
Accrued
Liabilities
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Other
Long-Term
Liabilities
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Derivatives designated as hedging instruments: |
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Currency forwards |
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$ |
51 |
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|
$ |
— |
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|
$ |
32 |
|
|
$ |
5 |
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$ |
114 |
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$ |
1 |
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$ |
118 |
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$ |
2 |
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Other |
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— |
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— |
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2 |
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— |
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— |
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— |
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— |
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— |
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Total derivatives designated as hedging instruments |
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$ |
51 |
|
|
$ |
— |
|
|
$ |
34 |
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$ |
5 |
|
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$ |
114 |
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|
$ |
1 |
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$ |
118 |
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$ |
2 |
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Derivatives not designated as hedging instruments: |
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Currency forwards |
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$ |
25 |
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|
$ |
— |
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$ |
55 |
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|
$ |
— |
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$ |
66 |
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|
$ |
— |
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$ |
63 |
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|
$ |
— |
|
Currency interest rate swaps |
|
93 |
|
|
8 |
|
|
174 |
|
|
— |
|
|
124 |
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|
6 |
|
|
163 |
|
|
29 |
|
Interest rate swaps |
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2 |
|
|
— |
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|
20 |
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— |
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|
5 |
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— |
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|
28 |
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|
— |
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Total return swaps |
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— |
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— |
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— |
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— |
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|
48 |
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— |
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— |
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— |
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Other |
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— |
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|
30 |
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— |
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|
8 |
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— |
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29 |
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|
— |
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|
19 |
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Total derivatives not designated as hedging instruments |
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$ |
120 |
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$ |
38 |
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$ |
249 |
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$ |
8 |
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$ |
243 |
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$ |
35 |
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$ |
254 |
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$ |
48 |
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Total derivatives |
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$ |
171 |
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$ |
38 |
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$ |
283 |
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$ |
13 |
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$ |
357 |
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$ |
36 |
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$ |
372 |
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$ |
50 |
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| Offsetting Assets And Liabilities [Table Text Block] |
The gross amounts of our derivative instruments and reverse repurchase agreements subject to master netting arrangements with various counterparties and cash and non-cash collateral posted under such agreements at the end of each period were as follows:
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June 28, 2014 |
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Gross Amounts Not Offset in the Balance Sheet |
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(In Millions) |
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Gross Amounts Recognized |
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Gross Amounts Offset in the Balance Sheet |
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Net Amounts Presented in the Balance Sheet |
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Financial Instruments |
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Cash and Non-Cash Collateral Received or Pledged |
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Net Amount |
Assets: |
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Derivative assets subject to master netting arrangements |
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$ |
157 |
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$ |
— |
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$ |
157 |
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|
$ |
(112 |
) |
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$ |
(8 |
) |
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$ |
37 |
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Reverse repurchase agreements |
|
553 |
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— |
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|
553 |
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— |
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(553 |
) |
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— |
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Total assets |
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$ |
710 |
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$ |
— |
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$ |
710 |
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$ |
(112 |
) |
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$ |
(561 |
) |
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$ |
37 |
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Liabilities: |
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Derivative liabilities subject to master netting arrangements |
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$ |
280 |
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$ |
— |
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$ |
280 |
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$ |
(112 |
) |
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$ |
(142 |
) |
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$ |
26 |
|
Total liabilities |
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$ |
280 |
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$ |
— |
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$ |
280 |
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$ |
(112 |
) |
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$ |
(142 |
) |
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$ |
26 |
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December 28, 2013 |
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Gross Amounts Not Offset in the Balance Sheet |
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(In Millions) |
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Gross Amounts Recognized |
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Gross Amounts Offset in the Balance Sheet |
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Net Amounts Presented in the Balance Sheet |
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Financial Instruments |
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Cash and Non-Cash Collateral Received or Pledged |
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Net Amount |
Assets: |
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Derivative assets subject to master netting arrangements |
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$ |
325 |
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|
$ |
— |
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$ |
325 |
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|
$ |
(158 |
) |
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$ |
(3 |
) |
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$ |
164 |
|
Reverse repurchase agreements |
|
800 |
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|
— |
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|
800 |
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— |
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(800 |
) |
|
— |
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Total assets |
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$ |
1,125 |
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|
$ |
— |
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|
$ |
1,125 |
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$ |
(158 |
) |
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$ |
(803 |
) |
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$ |
164 |
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Liabilities: |
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Derivative liabilities subject to master netting arrangements |
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$ |
401 |
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$ |
— |
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$ |
401 |
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|
$ |
(158 |
) |
|
$ |
(32 |
) |
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$ |
211 |
|
Total liabilities |
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$ |
401 |
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|
$ |
— |
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$ |
401 |
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|
$ |
(158 |
) |
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$ |
(32 |
) |
|
$ |
211 |
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| Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] |
The before-tax gains (losses), attributed to the effective portion of cash flow hedges, recognized in other comprehensive income (loss) for each period were as follows:
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Three Months Ended |
|
Six Months Ended |
(In Millions) |
|
Jun 28,
2014 |
|
Jun 29,
2013 |
|
Jun 28,
2014 |
|
Jun 29,
2013 |
Currency forwards |
|
$ |
5 |
|
|
$ |
47 |
|
|
$ |
40 |
|
|
$ |
(189 |
) |
Other |
|
(1 |
) |
|
— |
|
|
(3 |
) |
|
1 |
|
Total |
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$ |
4 |
|
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$ |
47 |
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|
$ |
37 |
|
|
$ |
(188 |
) |
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Not Designated as Hedging Instrument [Member]
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|
| Derivative Financial Instruments (Tables) [Abstract] |
|
| Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] |
The effects of derivative instruments not designated as hedging instruments on the consolidated condensed statements of income for each period were as follows:
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Three Months Ended |
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Six Months Ended |
(In Millions) |
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Location of Gains (Losses)
Recognized in Income on Derivatives
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|
Jun 28,
2014 |
|
Jun 29,
2013 |
|
Jun 28,
2014 |
|
Jun 29,
2013 |
Currency forwards |
|
Interest and other, net |
|
$ |
(7 |
) |
|
$ |
(6 |
) |
|
$ |
(22 |
) |
|
$ |
50 |
|
Currency interest rate swaps |
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Interest and other, net |
|
26 |
|
|
(44 |
) |
|
(28 |
) |
|
56 |
|
Interest rate swaps |
|
Interest and other, net |
|
(4 |
) |
|
3 |
|
|
(4 |
) |
|
3 |
|
Total return swaps |
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Various |
|
45 |
|
|
(19 |
) |
|
58 |
|
|
29 |
|
Other |
|
Gains (losses) on equity investments, net |
|
1 |
|
|
5 |
|
|
2 |
|
|
7 |
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Total |
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|
$ |
61 |
|
|
$ |
(61 |
) |
|
$ |
6 |
|
|
$ |
145 |
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